The majority of the short-term Bitcoin investors are enjoying the profit with Bitcoin investment but analysts claim there are huge chances of a downfall in the trade price in the upcoming days.
The current trade price of Bitcoin (BTC), the top Crypto asset by market cap, is $66,483. This trade price is 16% higher month to date.
On 1 May the trade price of Bitcoin was at the $57k level and now the trade price is fluctuating around the $66.5k level.
#Bitcoin trade price $66.5k, now what the next? pic.twitter.com/0oLdbAUm1e
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— Bitcoinik (@Bitcoinikdotcom) May 20, 2024
Despite the significant increment in the price of Bitcoin & other supportive bullish factors, the majority of analysts are not expecting big rallies soon because of the big resistance levels.
Analysts noted that the trade price of Bitcoin is surely currently trading at a healthy level but the next resistance levels, which are $68k & $72k, are highly challenging.
At the time of writing this article, the majority of the concentrations of liquidity focused on $66,500 and $67,800, respectively. This means the current level is highly stable for the Bitcoin market.
Some crypto analysts claimed that there is only a 1% chance for Bitcoin to show a big rally in the upcoming days because the current sentiments have no big catalytic factor for the Bitcoin market. In short, we can say that price stability at this current level is highly favourable for the market to remain stable.
On the other hand, prominent Bitcoin analyst Rekt Capital noted that Bitcoin might face a maximum -1% downfall & it will further go for a continuous rally.
Notably, Rekt Capital shared his analysis on behalf of the past Bitcoin price pattern under different circumstances.
On the other hand, another analyst Credible Crypto stated that the price levels of Bitcoin will likely fall to around $59,000 to $60,000. He also mentioned a zone between $62,000 and $63,000 where the price might temporarily stabilise, but he believes it will eventually drop below that range as well.
In short, he believes Bitcoin may drop to -10% from the current stable level.
Bitcoin is currently 16% high month-to-date but analyst says a big crash of -10% is coming
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